Bank treasury to offer modernization of payment services to healthcare providers
Billerica, MA, February 18, 2015– Orbograph, a premier supplier of electronic/paper automation solutions in healthcare revenue cycle management (RCM), as well as recognition solutions for the U.S. check processing market, announced today that the company is partnering with one of the top 10 U.S. footprint banks. The partnership will enable the bank to offer expanded medical lockbox services for healthcare providers and billing companies by offering Orbograph’s Healthcare Payment Automation Center™ (HPAC).
Meeting the demand for banking services in treasury management by addressing RCM is a strategic growth initiative for this major market player with greater than 1,500 branches. The bank already secures a strong presence in healthcare medical lockbox, processing patient payments and insurance remittances and will provide new services to modernize healthcare payments to a wide range of healthcare clients. Exciting benefits will include:
1. Expedited client onboarding to treasury services
2. Modernization of remaining paper remittances with Explanation of Benefit (EOB) electronification
3. Improved cash posting processes as well as elimination of manual payer correspondence data entry
4. Automated reconciliation processes via EFT/ACH Reassociation to ERA/EOB (electronic remittance advices)
5. Reduced receivables via streamlined payer denials processing
6. HIPAA compliant archival of payment information within the HPAC Payment Portal
Orbograph will support the market rollout by leveraging independent research recently completed by BoardTrust, 2014 Strategic Healthcare Payments Research Initiative Benchmarking Electronic Business Practices in Hospitals. The research identifies market inefficiencies and opportunities to apply best practices for electronic payment transformation by financial institutions. See report at http://www.orbograph.com/2014-strategic-healthcare-payments-research-initiative.htm.
“Our excellent track record and working relationship with the bank over the past six years provided the foundation to expand our partnership into healthcare,” stated Barry Cohen, Co-President of Orbograph. “We were able to illustrate that our HPAC platform not only possesses industry-leading capabilities, but can also be introduced to the market quickly via our onboarding and implementation methodologies. The bank will be able to deepen their relationships with their large healthcare client base and benefit from value-added services within the treasury group.”
“There are major segments within the healthcare market which are underserved by banks, as confirmed in the 2014 research,” stated Joe Gregory, Vice President of Marketing for Orbograph. “The healthcare community is comprised of a wide range of physician practices, hospitals and billers. These companies crave technologies, which facilitate electronic transformation and modernization, which processes claims and payments faster and more cost effectively. Banks can play a larger role in this area and build a strong revenue stream for all parties.”
Orbograph (www.orbograph.com), a subsidiary of Orbotech, is a premier supplier of recognition software for the U.S. check and lockbox processing markets, as well as electronic/paper automation solutions in healthcare revenue cycle management (RCM). Orbograph recognition technologies are “Enabling Transformation of the Check Experience” in over 1,600 financial institutions, service bureaus, clearinghouses and billers processing billions of checks and claims annually. Orbograph solutions are utilized by 20 of the top 30 U.S. financial institutions with in-house check processing. The cloud-based Healthcare Payments Automation Center (HPAC) is “Enabling Transformation of Healthcare Payments” by converting paper-based EOBs, correspondence and patient payments, normalizing ANSI X12 EDI 835 remittance advices and reconciling EFT/ACH payments to ERAs via reassociation. HPAC automates posting of receivables into patient accounting systems and hospital information systems, achieving straight-through processing levels of efficiency.
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NOTE: Actual performance may vary according to hardware used, configuration or other factors within your processing environment. Statistics cited in this release do not constitute guarantees of performance. For more information, visit us online at www.orbograph.com.